The Naples outfit was eliminated from the European competition at the hands of Chelsea after a 4-1 defeat in extra-time at Stamford Bridge on Wednesday. Chelsea progressed to the quarter finals with a 5-4 aggregate triumph.
Cannavaro said: "We had so many chances against Chelsea and we didn't make them but we leave the competition with our heads held high.
"We fought until the end and Chelsea are more experienced than we are.
"We will learn from this and come back stronger."
Napoli, coached by Walter Mazzarri, are still alive in the Coppa Italia while they are riding a five-match winning streak in Serie A.
Last week's 6-3 triumph over Cagliari lifted Napoli to fourth, level on 46 points with Sunday's rivals and just two points behind Lazio, who are third and hold the last Champions League qualifying spot.
"We were hungry before to finish third in the standings," Cannavaro said.
"Now we are even more eager to return to play in the Champions League next season."
Napoli will be without midfielder Christian Maggio, who sustained a muscular injury in midweek.
Rivals Udinese will be looking to end a disappointing week on a high note.
They beat AZ Alkmaar 2-1 on Thursday but it was not enough to see the Italians progress to the Europa League quarter-finals as they lost 3-2 on aggregate.
Udinese had previously missed a chance to climb to third place after last weekend's 1-0 setback at Novara.
Francesco Guidolin's men have won just one of their last six league games but they will fancy their chances as they have conceded just one league defeat at home this season.